Market Midday: Stocks Rise, Dow Gains 600; Apple to Lease iPhones • 7/28/26
Speakers
Joe Terranova
— Senior Managing Director, Virtus Investment Partners
Jessica Ettinger
— Anchor, CNBC
Summary
US stocks rally with the Dow gaining over 600 points. Joe Terranova highlights that market breadth is broadening, with momentum shifting from technology to financials and consumer names, supported by 12% of S&P 500 stocks at 52-week highs. Consumer confidence missed expectations, and corporate headlines include Coca-Cola's record high, Boeing's larger loss, and Apple's new iPhone leasing plan.
- Dow up 635 points, led by Sherwin-Williams and Coca-Cola; S&P 500 and Nasdaq also higher.
- Joe Terranova notes 12% of S&P 500 at 52-week highs, not from tech but from JPMorgan, Visa, Target, Best Buy, and Apple, signaling momentum broadening.
- Consumer confidence slips to 90.8 from expected >92.
- Visa cutting 7% of workforce in efficiency push amid AI reshaping work.
- Shein under FTC investigation while preparing for Hong Kong IPO; blames US tariffs for recent loss.
- Apple to lease iPhones starting at $17/month after soft credit check, with similar options for Apple Watch, Macs, and iPads.
- Coca-Cola hits record high on strong earnings; UPS raises forecast; Boeing posts larger loss on Air Force One costs.
- Fed expected to hold interest rates steady at conclusion of two-day meeting tomorrow.
Ideas
Market momentum broadening beyond tech stocks
Joe Terranova argues that the market is not at a fundamental inflection point, pointing to 12% of S&P 500 stocks hitting new 52-week highs. He observes that the leadership is not from technology names but from financials and consumer companies, signaling that momentum is broadening out to other sectors, which supports a healthy rotation and continued upside in the market and those specific stocks.
